J.P. Morgan China/HK FTM 15 Jul 26: China CSSC Holdings - A; India Autos; China Renewables; China Economics; Rongsheng Petro Chemical - A. Tue Jul 14 2026

研报英文原文证据摘录

J.P. Morgan China/HK FTM 15 Jul 26: China CSSC Holdings - A; India Autos; China Renewables; China Economics; Rongsheng Petro Chemical - A. Tue Jul 14 2026

Asia Pacific Equity Research

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China/HK First to Market 15 July 2026

Top Stories

China CSSC Holdings - A (600150.SS, OW – Rmb33.77), China (Beatrice Lam)

Positive profit alert reinforces our earnings thesis; recent pullback offers an attractive entry point

China CSSC Holdings shares have corrected 9% since 13 July, underperforming the CSI300’s 1% decline,

despite exceptionally strong June operating data and a positive profit alert released on 14 July. We believe

the weakness reflects profit-taking and sector rotation rather than deteriorating fundamentals, presenting an

attractive accumulation opportunity. The company now trades at just 13x/11x/8x 2026-28E P/E and 0.5x

price-to-orderbook, despite entering the strongest phase of its earnings cycle. Management guided 2Q26

NPAT of Rmb4.4-6.2bn and 1H26 NPAT of Rmb9.2-11.0bn, implying 2Q26/1H26 NPAT growth of 82-

157%/144-191% YoY on the restated merger base, or 178-292%/212-273% YoY versus the originally

reported base (pre CSSC-CSIC merger). While the guidance range brackets our estimates, it reinforces our

view that higher-priced contracts secured during 2023-25 are increasingly flowing through deliveries,

supporting sustained margin expansion and earnings growth. Reiterate Overweight.

India Autos (Amyn Pirani / Nick Lai)